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Burberry: Oddo still a seller, cuts target price

( - Oddo maintains its "underperform" rating on Burberry shares, having reduced its corresponding target price from 1,870 pence to 1,800 pence, despite slightly more favourable short-term earnings forecasts for the British upmarket clothing group.

As with other stocks in the sector, the broker said that it has raised its beta assumptions in its DCF valuation of the stock to reflect a highly uncertain macroeconomic environment in the next few quarters.

For Burberry, Oddo confirms its cautious view of the group's fundamentals and earnings outlook in the medium term, judging that at this stage, there is no indication that it will be able to sustainably match the growth rates reported by sector leaders.

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